Rebeca Romero Rainey

Stories

Coinbase wins a federal trust bank charter

Opposing the approval and challenging the OCC's chartering rule in court

Coinbase has held its customers' crypto under a New York state trust charter since October 2018. On Nov. 6, the Office of the Comptroller of the Currency (OCC) granted its replacement, Coinbase National Trust Company, a full federal trust bank charter.

Updated 3 hours ago

Community banks sue US regulator over crypto trust charters

Rule Changes

Leading the legal challenge against the OCC

A trade group for community banks sued the U.S. banking regulator on Oct. 2 over federal trust charters granted to crypto firms. The Independent Community Bankers of America says the Office of the Comptroller of the Currency has exceeded its authority under the National Bank Act.

Updated Oct 21

Notable Quotes

The OCC's misguided approval of Coinbase's trust charter application is based on the agency's flawed chartering rule for national trust banks, which will only serve to put U.S. consumers at risk.

from Coinbase wins a federal trust bank charter · Updated 3 hours ago

Congress did not create the national trust charter as a side door into the banking system for crypto firms seeking the credibility of a federal bank charter without the Community Reinvestment Act obligations, consolidated supervision, capital and liquidity standards, and FDIC insurance that apply to insured depository institutions.

from Community banks sue US regulator over crypto trust charters · Updated Oct 21